We do have upfront fees for appraisals, Phase 1s, site inspections. 

I'd recommend considering your first real estate investment somewhere a little closer to home, and perhaps in an area that is demonstrating growth vs. decades of population loss.You can certainly find plenty of properties there for little money, but the question is whether those properties are cheap for a reason.

#2 is best for the buyer - you do your inspections *after* the bank has agreed to the short sale

It's a lot of money for a five minute inspection.

So as long as I can get close to his prices, I can have him come back when a bank closes and gives me a 3 day inspection period so I don't waste his time.

I was invited to one of those "guru" seminars by one of my friends, and after I attended I decided to take a closer look myself into just how much I could learn on my own.

Also, if you manage the property yourself, should you still factor in the 50% or maybe closer to only 40% because you will save roughly 10% managing the property yourself?

If I do those kind of "deals" in my area, I would have to where riot gear to inspect it.

Get a good inspection done, at that price the numbers look good!

Do you mean the time period to do inspections and back out of your contract if there is a problem and still get your earnest money back?